The Pure Nickel Wire Market is estimated to be valued at US$ 102.2 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pure nickel wire is made entirely of nickel without alloying elements and has corrosion resistant properties. It is widely used in medical devices such as stents and instruments due to its non-magnetic and biocompatible nature. Pure nickel wire also finds applications in heating element, resistor, reactor and alloying purpose.
Market Dynamics:
The growing medical devices market is a key driver for the pure nickel wire market. Nickel has excellent corrosion resistance and is non-allergenic in nature. Thus, it is highly preferred for manufacturing of instruments, implants and stents. According to World Health Organization (WHO), global spending on healthcare is expected to rise to USD 18.28 trillion by 2040. This rising healthcare expenditure will significantly drive the demand for medical devices thereby augmenting the pure nickel wire market growth.
Furthermore, increasing automotive production has widened the application scope for nickel alloys. Nickel-based alloys are primarily used for engine components to withstand high temperature. IHS Markit forecasts automotive production to reach 121 million units by 2025 from around 95 million units in 2019. Growing automotive industry will augment the demand for nickel-based alloys thereby fueling the pure nickel wire market growth over the forecast period.
Segment Analysis
The global pure nickel wire market is dominated by the magnet wire subsegment. Magnet wire, which accounts for over 70% of the total market share, has extensive use in electrical transformers and motors. With increasing adoption of electric vehicles, industrial equipment and consumer electronics globally, demand for magnet wire made of pure nickel is increasing.
PEST Analysis
- Political: There are no significant political risks affecting the pure nickel wire market globally. However, trade tensions between key producing and consuming countries could potentially disrupt supply chains.
- Economic: The market is expected to grow at a steady pace in line with the projected economic growth rates of key regions and increasing investments in industries utilizing pure nickel wire such as automotive, electronics and industrial machinery manufacturing.
- Social: Rising disposable incomes and purchasing power in developing countries are driving demand for consumer electronics and electric vehicles, propelling the pure nickel wire market growth.
- Technological: Advancements in manufacturing processes have enabled cost reductions and quality improvements in pure nickel wire. This has increased their usage in applications requiring high conductivity and corrosion resistance like medical devices.
Key Takeaways
The global pure nickel wire market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period of 2023 to 2030, due to increasing adoption of electric vehicles globally. The market size for pure nickel wire is expected to reach US$ 102.2 Mn in 2023.
Regional analysis indicates that Asia Pacific dominates the global pure nickel wire market currently, accounting for over 40% of the total demand. China is the largest producer and consumer of pure nickel wire owing to a strong automotive and electronics manufacturing base in the country. Europe is another major region driven by high investments in electric mobility in countries like Germany.
Key players operating in the pure nickel wire market are ThyssenKrupp Materials NA, Inc., A.M. Castle & Co., Ulbrich Stainless Steels & Special Metals, Inc., California Fine Wire Company, Wire Products Company, Luma Metall AB, S and S Wire Products, Inc., Alloy Wire International Ltd., Kaye Corporation, Metal Associates, Brookfield Wire Company, Novametal Group, KANTHAL AB, KBM Affilips, Heyco Metals, Inc. The market is moderately consolidated in nature with top 5 players accounting for over 50% of the global production.
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